2017 return due dates

2017 Return Due Dates under the PATH Act

The Protecting Americans from Tax Hikes (PATH) Act of 2015, made major changes to tax and information return filing dates. The rationale behind the accelerated return due dates is streamlining the tax return filing information and strenghtening the IRS identity theft prevention and detection efforts. Most of the changes are effective for tax and information returns due in 2017. How the new return due dates affect you and your business?

Individual Tax & Information Return Due Dates

The regular unextended individual tax return date of April 15th remains unchanged. The law provides that if April 15th falls during the weekend or on a public holiday, the return is due the next working day. The Emancipation Day observed in D.C. falls on Monday, thus the 2016 income tax returns must be filed on or before April 18th, 2017. The IRS has also announced that internal processing of tax returns starts on January 23rd of 2017 and most tax refunds will be released within 21 days of submission if the return is filed electronically.

However, the early release of certain refunds is affected by the PATH Act. Taxpayers who claim the Earned Income Tax Credit (EIC), the American Opportunity Tax Credit (AOTC), or the refundable portion of the Child Tax Credit (CTC) will receive tax refunds by the end of February at earliest. The longer processing period gives IRS more time to match the information reported by the taxpayer with information provided by employers.

Another revision affects the retroactive claims of the refundable EIC, AOTC, and the CTC. Sections 204-206 of the PATH Act stipulate that these credits will not be released if any of the tax numbers used on the return is issued after the tax return due date. As a consequence, taxpayers claiming the above credits must ensure a valid SSN or ITIN is secured on or before the tax return due date, including extensions.

The Foreign Bank Account Report (FBAR) filing date has also been revamped. In 2017 and subsequent years, the FBAR must be filed by the regular unextended tax return due date of the taxpayer filing the form. Therefore, FBARs filed by individuals must be received by April 18th, 2017. An automatic 2-month extension of time to file is granted to expatriates and Americans residing overseas on the regular due date. A 6-month extension is also available if filed before April 18th, 2017.

Business Tax & Information Return Due Dates

Section 201 of the PATH Act provides that W-2 and 1099-MISC forms reporting nonemployee compensation in box 7 (self-employment income) must be filed by the payer no later than January 31st of 2017. In result, most taxpayers will receive income statements early this year. The accelerated reporting also gives IRS more time to match taxpayer information.

Alternations apply to filing a Partnership, Corporate, and Tax-Exempt entity returns. The 1065 Partnership Tax Return is now due March 15th and a new 6-month extension has been established. The 1120 C-Corporation tax returns are postponed for corporations with a fiscal year end other than December 31st or June 30th. These corporations are required to file by the end of the 4th month after fiscal year end. A 6-month extension is also available.

Finally, tax-exempt organizations filing Form 990 must do so by May 15th. A single 6-month extension eliminates the previously available 90-day extension. The table below summarizes the changes and compares the prior to current law due dates for various returns.

2017 Return Due Dates per Type of Return

Return TypePrior law due dateRegular due date under PATH ActExtension under PATH ActNotes
All Forms 1040 - Individual Tax Return April 15thApril 15th6-month extensionNo change. In 2017 file by April 18th due to a public holiday in D.C.
Form 1120 for a C-Corp with a fiscal year end other than Dec 31st or June 15th15th day of the 3rd month after fiscal year end15th day of the 4th month after fiscal year end6-month extension Return filing postponed by a month
Form 1120 for a C-Corp with a fiscal year ending on December 31stMarch 15thMarch 15th6-month extension Subject to a change for tax years ending on or after December 31st, 2025
Form 1120 for a C-Corp with a fiscal year ending on June 30thSeptember 15thSeptember 15th6-month extension Subject to a change for tax years ending on or after December 31st, 2025
Form 1120-S for an S-CorporationMarch 15thMarch 15th6-month extension No change
Form 1065 – Partnership ReturnApril 15thMarch 15th6-month extension The 1065 return is due by the 15th day of the 3rd month after year end
Form 1041 - Trust and EstateApril 15th April 15th 5½-month extensionThere is a new extension of 5 and a half months
Form 990 - Tax-Exempt OrganizationsMay 15th May 15th 6-month extensionThe previous 90-day extension has been discontinued
Form 3520-A for a Foreign Trust with U.S. ownerMarch 15thMarch 15th6-month extensionNo change
FBAR - FinCEN Report 114 (individuals)

June 30thApril 15th6-month extensionFile by the return due date. New 6-month extension available
Information Returns (W-2 and 1099s)Feb 28th and March 31st if filed electronicallyForms W-2 and certain 1099-MISC due by Jan 31stNew safe harbor available for de minimis errors (Sec. 202 of the PATH Act) No change for all other Forms 1099 due Feb 28th and March 31st if filed electronically